Connect with us

Ripple

Central Bank of France Eyes XRP as Basis for Digital Euro

Published

on

One of the major European central banks is eyeing XRP as a potential platform for issuing digital Euro.

CPA Australia has released a report that says the Central Bank of France is considering using Ripple and XRP as a potential platform for issuing the digital euro.

Bitcoin, Ethereum rejected as the basis for CBDC

CPA Australia is a professional accounting organization in Australia that has been working since 1886 with more than 166,000 employees in over 150 nations globally.

Advertisement

They have published a report called “Central Bank Digital Currencies (CBDCs): A Comparative Review.” The document has revealed that the French Central Bank has been discussing Ripple and XRP as a possible basis for launching the digital euro.

The two biggest cryptocurrencies have also been looked at. However, the report calls Bitcoin a too risky means of exchange. As for Ethereum, it is decentralized and cannot be controlled by any government.

Still, according to the report, the Australian government is considering launching a CBDC program for the Ethereum community.

Advertisement

The document states that the world is quickly entering a new stage of technological development due to the recent global pandemic that originated in China. It has spurred the adoption of digital currencies and online payments as opposed to cash—which can spread bacteria from one holder to another.

XRP is mentioned as a better and centralized alternative

The report speaks of Ripple as an “alternative platform to Ethereum” and XRP as a coin that runs on its own ledger, stating that “Ripple does not operate on a blockchain network per se” but has its own ledger for performing transactions—presumably, XRPL.

The authors have also mentioned that Ripple is trusted by multiple banks as a model for CBDC due to its high centralization.

Advertisement

Ripple and XRP enjoy the trust of many banks as a model for CBDCs because it is highly centralised and is based on a permissioned network where only certain network nodes can validate transactions, as opposed to decentralised and permissionless Bitcoin and Ether.

The document has also stated that the Central Bank of France has already discussed XRP and Ripple as a potential platform for making the digital euro.

France’s central bank, Banque de France, has openly discussed Ripple/XRP as a possible platform for Europe’s central digital currency.

News Source

 

Advertisement

XRP

XRP Lawsuit: SEC aims to make XRP skip the bull run with an Expert Discovery Extension Appeal

Published

on

ripple-v-SEC


The latest update in the XRP lawsuit saw the SEC file a letter requesting the Court to extend the expert rebuttal report deadline to November 12, 2021, and the expert discovery deadline to January 14, 2022, from the former date of November 12, 2021. The plaintiff noted that the extension will allocate both parties sufficient time to prepare rebuttal reports and depose a minimum of 14 expert witnesses.

Ripple Opposes SEC extension appeal to save XRP from an isolated bear run

While consenting to the extension of the rebuttal report deadline until November 12, Ripple opposes the January 14 deposition deadline to avoid the case from stretching long enough for XRP to entirely miss the bull run. Furthermore, Ripple also intends to file an opposition to this letter motion on October 18, 2021.

The SEC offered a compromise to Ripple, preponing the expert discovery extension to December 22, but the defense has rejected that offer as well. Ripple argues that the extension would “would likely impact the briefing schedule for summary judgment motion[s].”, as post-December 10, 2021, the Thanksgiving holidays will commence the holiday season.

Advertisement

SEC supports extension appeal with pending motions

The SEC objects that the case is even less ready for summary judgment motions as expert discovery has commenced with an incomplete factual record. The commission noted that on September 1, 2021, Magistrate Judge Netburn granted the SEC’s motion to compel Ripple to produce certain instant messages among its employees, but Ripple has not completed its production of responsive documents and has not provided any timetable by which it will be complete. Along with the incomplete discovery of a granted motion, the plaintiff states that the parties have a total of four pending discovery motions before Magistrate Judge Netburn. The plaintiff claims that even if one motion is granted, the parties will require an additional extension to proceed with the discovery.

“If Magistrate Judge Netburn grants any of the pending motions to compel, at minimum, the parties would need additional time to review and produce the documents at issue…The SEC’s proposed extension is fair and reasonable under the circumstances and should be granted for good cause.”, stated the SEC.

News Source

Advertisement
Continue Reading

Ripple

XLM May Get in Trouble If XRP Deemed a Security: XRP Researcher

Published

on

A researcher from the XRP community believes that XLM and Stellar may get in trouble should the SEC deem XRP a security

Researcher Leonidaz Hadjiloizou has posted a tweet, in which is asks the opinion of the XRP community about which side in the Ripple-SEC legal battle the company’s co-founder and former CTO Jed McCaleb would take, if he were to do it.

According to Hadjiloizou, should the SEC win and XRP is deemed a security, then Jed and his company Stellar which he created as a rival to Ripple will be in for hard times. If the court rules that XRP is a security, then McCaleb broke the law by selling these potentially unregistered securities – 9 billion of them that he received from Ripple as compensation as part of the Settlement Agreement.

Advertisement

Besides, Hadjiloizou says that if XRP is announced a security, then the native token of Jed’s Stellar, XLM, may also get in trouble and, perhaps, face similar accusations.

So far, no legal action has been filed by the SEC against Jed McCaleb, even though he co-founded Ripple Labs together with Chris Larsen. The latter and the CEO Brad Garlinghouse, along with Ripple Labs, are the defendants in this legal case of the SEC against Ripple.

Advertisement

Jed has been selling his 9 billion XRP in parts, however, he has not sold any coins since September 1.

News Source

Advertisement
Continue Reading

Ripple

Ripple Shifts 33.8 Million to Huobi in Past 2 Weeks, After Allocating 100 Million XRP for It

Published

on

Ripple fintech firm has sent almost 40 million XRP to Huobi since October began from the 100 million allocated for it in the first place

Data provided by the analytics platform Bithomp that works with XRP transactions, over the past eighteen days, Ripple distributed ledger tech provider has shifted 33,805,080 XRP to the major digital exchange Huobi.

One third of Ripple’s 100 million XRP shifted to Huobi

This amount of crypto equals to $38,790,225. The size of weekly transactions has been changing since September 29, when Ripple allocated a whopping 100 million XRP lump to be sent to Huobi in regular transfers – it started as 1,542,780 XRP, continued as 2,309,580. So far, Ripple is moving 1,911,150 XRP lumps to Huobi.

Advertisement
10171_0
Image via Bithomp

The exchange has recently announced its withdrawal from mainland China and by December 31 it plans to stop crypto trading against CNY.

XRP becomes number one choice for UK retail investors

At the time of writing, the sixth largest cryptocurrency, XRP, is changing hands at $1.15, showing a mild rise of 2.54 percent, as per the data provided by CoinMarketCap.

As reported by U.Today earlier, a recent report by a leading trading platform eToro stated that the majority of retail crypto investors in the UK now prefer XRP as their top asset. Cardano’s ADA is the second favorite.

Ripple Labs has recently joined the Digital Pound Foundation to help UK authorities work the CBDC they are developing – digital pound sterling.

Advertisement

News Source

Continue Reading